CapitaLand at a Discount - CLIM, CICT and Cash

By now, you should have seen multiple news on the restructuring proposed by CapitaLand. In my opinion, I do think it is a win-win deal. They get to privatized a part of their business at a "cheap" rate (considering the offer is below NAV) while shareholders get to unlock some value and continue to own other parts of their businesses. For those that are not aware, you can take a look at their announcement here. 

For every CapitaLand share, one will get 1 CLIM share at $2.823 NAV, Cash of $0.951, and 0.155 CICT share. It was stated that "The Cash Consideration will not be reduced by the amount of the FY2020 Final Dividend after the dividend payment is made." Hence, we can also include the 9 cents dividend for FY2020.

They halted for the whole day yesterday and I was surprised when I saw the price of CapitaLand to be trading at a discount compared to what was offered. Using the closing price for the day, it was trading at a 11.72% discount which is quite significant. I was expecting it to be closer to $4 because the CLIM share and cash should be a constant/fix value and the only variable is the share price of CICT.

There are probably a couple of reasons for the discount. The restructuring might not go through and given that CapitaLand has never traded at such a high price, if the deal is called off, the price will surely drop back to low/mid 3+. The market is discounting the value of the CLIM share after all CapitaLand has never traded at NAV so why should CLIM share be valued at NAV too right? Alternatively, there might be shareholders who find the restructuring too complex and are selling it off now without having to deal with the CICT odd lots.

In my opinion, the restructuring will highly likely go through, the decrease in CICT share price is too insignificant to warrant such a discount and likely the market is discounting the CLIM share (too much). Anyway, I believe it should not be trading at a discount because it is no longer considered as a property/developer stock.

Let's take a look at the other 2 listed REIMs.

Brookfield Asset Management is trading at 2.46 PB.

Blackstone Group is trading at 8.34 PB! 

In comparison, CapitaLand is trading at just 0.756 PB. Not sure if anyone remembers ARA Asset Management that got delisted back in 2017? That is a REIM and they were not trading at a discount back then.

If you do not want to have any CICT odd lots, these are the magical CapitaLand shares you will need to own.

Alternatively, you can also own the above number of CapitaLand shares to reduce the number of odd lots. I have created a spreadsheet here and you can play with it to see the discount as well as the number of CICT odd lots you might be getting.

Anyway, we bought another 5,000 units at $3.75 earlier today because we believed it is still trading at a discount and also to reduce the number of odd lot we will be getting for CICT. In total, we now own 17,434 shares of CapitaLand. Huat ah!

Do like any of the following for the latest update/post!
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4. Instagram - KPO_and_CZM (Did you see those delicious food photos to the right --> Unfortunately, you can't see it on mobile.)

Portfolio - September 2020

Baby Ong is 31 weeks old and her weight is ~1.6kg! Look at how cute she is, sucking her thumb already? Next week, we will be able to apply for the baby bonus and open a CDA account for her. Wondering how much is the "pandemic baby bonus" and if we will be eligible. lol. Anyway, a lot happened last month so let's dive right into our portfolio update.

Our portfolio has reached another new high! It increased by 7.77% to $566,705 - $43,372.32 of capital injection and $2,523.54 of capital loss. This includes $44,224 of leverage/debt (gearing ~8.5%).

If you prefer to look at numbers, this is the raw data used to generate the above bar graph. These numbers are as of the last day of the month.

"Cash Flow" is the amount of money being injected/withdrawn from the portfolio (buying stocks = +ve cash flow while selling stocks and collecting dividends = -ve cash flow)

SOLD
None

BOUGHT
- STI ETF (2,000 units) @ $2.524 and $2.511

- Starhill Global REIT (10,000 units) @ $0.45

- Capitaland (2,000 units) @ $2.74 and $2.66

- Capitaland China Retail Trust (6,000 units) @ $1.14
- Capitaland Mall Trust (8,000 units) @ $1.95

- Capitaland Commercial Trust (500 units) @ $1.68

- IREIT Global (100 units) @ $0.695

- iShares Hang Seng Tech ETF (300 units) @ HK$15.30

- IWDA (12 units) @ US$63.80

STI ETF, Starhill Global REIT, Capitaland, Capitaland China Retail Trust, and Capitaland Mall Trust are all existing holding and we just decided to continue to invest and average down them. I bought another 500 units of Capitaland Commercial Trust so that after the merger, I will not end up with odd lots for Capitaland Mall Trust.

IREIT Global is a new addition to our portfolio but why only 100 units? This is something I have always wanted to test out and my last attempt was a failure - Mistake on Rights Issue - CapitaLand Commercial Trust. The plan is to own the mother share before XR so that I will be entitled to the rights issue. With the allocated rights issue, I will then proceed to oversubscribe. Whatever that is allocated in from my oversubscription will be an instant profit. Again, I can do this because there's no minimum commission.

I was allocated 45 rights and went to buy another 55 rights from the market so that I will not end up with any odd lots. Proceed to exercise all my rights (100 units) and oversubscribe by 9,900 units. lol.

Another interesting new addition to our portfolio is the iShares Hang Seng Tech ETF (3067). There are a couple of ETFs that is tracking the Hang Seng Tech Index and we chose iShares simply because it has the lowest fee/expense ratio. Shall blog more about this separately if I have the time. 

I have "force" myself to buy $1,000 SGD worth of IWDA. We have decided to set some rules for the monthly IWDA investment:
- Current average price: $58.977
- If the market price is above our average price, buy $1,000
- If the market price is below our average price, buy $2,000
- Must buy by last trading day of the month

As an introduction, IWDA (iShares Core MSCI World UCITS ETF) is an accumulating (does not distribute dividends) world ETF managed passively by iShares. This has multiple purposes:
1. Capital Growth - Determine if simply buying a diversified world ETF will outperform StashAway/Endowus
2. Leverage Collateral - It has 70% LTV which will increase eventually increase our ability to borrow more or prevent a margin call

Anyway, IWDA is highly recommended by ShinyThings from HWZ. You can refer to this summarized version here.

On a side note, we can invest in such a small amount because there's no minimum commission for SCB priority customers which makes our investment very cost-effective.

I have also decided to increase my SRS contribution to $1,480 per month with the intention of maxing it by year-end.

Our Monthly DCA for August - $4,230
$1,000 Cash - StashAway Risk Index 22%

$740  KPO's SRS - StashAway Risk Index 36%

$250 CZM's SRS - StashAway Risk Index 14%

$740 KPO's SRS - Endowus Loss Tolerance -60%
$1,000 Cash - Syfe REIT+ (100% REIT)
$500 Cash - Syfe Equity100 (100% Equities)

Dividends
The total dividends collected this month is $2,451.76. The breakdown is as follows:

Company	PayDate	Shares	Total
Keppel DC REIT	1-Sep-20	5001.14	$218.80
Parkway Life Real Estate Investment Trust	2-Sep-20	2011.26	$67.57
Accordia Golf Trust	8-Sep-20	15000	$168.00
Mapletree Logistics Trust	11-Sep-20	166.31	$3.40
Far East Hospitality Trust	14-Sep-20	10316	$106.25
Raffles Medical Group Ltd	16-Sep-20	20000	$400.00
AIMS APAC REIT	17-Sep-20	1629.86	$32.59
ESR REIT	17-Sep-20	91.14	$0.60
First Real Estate Investment Trust	25-Sep-20	11038.68	$48.57
Cromwell European Real Estate Investment Trust	28-Sep-20	38000	$1072.54
CapitaLand Retail China Trust	28-Sep-20	11041.1	$333.44

Total dividends collected for 2020: $16,599.13
Average dividends per month for 2020: $1,844.34

StashAway

KPO

CZM

Capital: $41,180‬.00
Current: $‭‭‭‭47,850.15

If you are interested in StashAway, do use our referral link. You get $10,000 free management fees for 6 months and we will get $16!

If you want to extract those transactions information from StashAway, do take a look at this article - StashAway Transactions Parser.

Endowus

Capital: $8,930.00
Current: $9,124.00

If you are interested in Endowus, do use our referral link for our readers! You will get S$10,000 managed free for 6 months ($20 equivalent) and we will get $20 too!

Syfe

Capital: $6,700.00
Current: $‭‭‭8,052.62

If you are interested in signing up, do use our referral code (KPOBONUS) for some cash incentive! Invests $500 and more and we will receive a $10 bonus each. Invests $10,000 and more and we will receive a $50 bonus each. Invests $20,000 and more, we will receive a $100 bonus each!

If you want to extract those transactions information from Syfe, do take a look at this article - Syfe Transactions Parser.

You might be interested in these blog posts too:
- Portfolio Performance in 2019
- 2019 Net Worth
- Portfolio - December 2019 - $463,297
- Portfolio - January 2020 - $455,071
- Portfolio - February 2020 - $442,216
- Portfolio - March 2020 - $415,071
- Portfolio - April 2020 - $459,037
- Portfolio - May 2020 - $470,665
- Portfolio - June 2020 - $502,313

- Portfolio - July 2020 - $487,135
- Portfolio - August 2020 - $525,857
- Portfolio - September 2020 - $566,705

Do like any of the following for the latest update/post!
1. FB Page - KPO and CZM
2. Twitter - KPO and CZM
3. Click here to subscribe using email :)
4. Instagram - KPO_and_CZM (Did you see those delicious food photos to the right --> Unfortunately, you can't see it on mobile.)

Portfolio - August 2020

A lot has happened for the month of August. CZM was asking for a push present and we eventually decided to get a massage chair. She has been complaining about backache as the baby grows bigger. It was either her back that was aching or my hands so it definitely makes sense to get one. lol. We went around trying different massage chairs by OSIM and OGAWA during the national day period and decided to get OGAWA Genix at $2.2k because it was more affordable. According to CZM, the most comfortable one is OSIM uLove but that cost around $5.8k and she didn't want to spend so much.

I had to do a wisdom tooth surgery to extract my decaying impacted tooth last month. The surgery itself went smoothly (apparently there's a risk of permanent nerve damage causing numbness in the face) besides the drilling and pulling. The most painful part was when the dentist injects anesthesia into the gum and after it wears off. The next few days were torturing as well with a liquid diet and never feeling full. My pocket would have been very painful too if not for my company insurance as the surgery costs $800+.

Our portfolio has crossed the $500k milestone once again! It increased by 7.95% to $525,857 - $25,092.29 of capital injection and $13,629.65 of capital gain. This includes $45,276 of leverage/debt (gearing ~8.6%).

If you prefer to look at numbers, this is the raw data used to generate the above bar graph. These numbers are as of the last day of the month.

"Cash Flow" is the amount of money being injected/withdrawn from the portfolio (buying stocks = +ve cash flow while selling stocks and collecting dividends = -ve cash flow)

SOLD
None

BOUGHT
- CCB (5,000 units) @ HK$5.66

- BOC (11,000 units) @ HK$2.63
- Capitaland (434 units) @ $2.767

- Cromwell EUR REIT (16,000 units) @ EUR0.42

- Tuan Sing (19,000 units) @ $0.31

- IWDA (11 units) @ US$66.75

We received some dividends from CCB and BOC and decided to average down and buy more shares. Their share price have fallen further as bad debt/loans rise due to COVID-19. We decided to take shares instead of cash for Capitaland dividends. 

Decided to buy more Cromwell EUR REIT using leverage after news that it will be investing in data centres. All the data centres REITs are trading at a premium valuation so I am guessing the same will happen once it is confirmed. Tuan Sing recently sold Robinson Point for $500 million and will be realizing a gain of $128.3 million. Its current PB is 0.325 and is severely undervalued. We are averaging down after buying it 2 years ago at $0.42.

I have "force" myself to buy $1,000 SGD worth of IWDA. We have decided to set some rules for the monthly IWDA investment:
- Current average price: $58.391
- If the market price is above our average price, buy $1,000
- If the market price is below our average price, buy $2,000
- Must buy by last trading day of the month

As an introduction, IWDA (iShares Core MSCI World UCITS ETF) is an accumulating (does not distribute dividends) world ETF managed passively by iShares. This has multiple purposes:
1. Capital Growth - Determine if simply buying a diversified world ETF will outperform StashAway/Endowus
2. Leverage Collateral - It has 70% LTV which will increase eventually increase our ability to borrow more or prevent a margin call

Anyway, IWDA is highly recommended by ShinyThings from HWZ. You can refer to this summarized version here.

On a side note, we can invest in such a small amount because there's no minimum commission for SCB priority customers which makes our investment very cost-effective.

I have also decided to increase my SRS contribution to $1,480 per month with the intention of maxing it by year-end.

Our Monthly DCA for August - $4,230
$1,000 Cash - StashAway Risk Index 22%

$740  KPO's SRS - StashAway Risk Index 36%

$250 CZM's SRS - StashAway Risk Index 14%

$740 KPO's SRS - Endowus Loss Tolerance -60%
$1,000 Cash - Syfe REIT+ (100% REIT)
$500 Cash - Syfe Equity100 (100% Equities)

Dividends
The total dividends collected this month is $4,432.51. The breakdown is as follows:

Company PayDate Shares Total Bank of China Ltd. - Ordinary Shares - Class H 7-Aug-20 19000 HKD 3579.39 Singapore Telecommunications Limited 18-Aug-20 4000 $218.00 SPH REIT 18-Aug-20 23.2 $0.11 Capitaland Limited 20-Aug-20 10000 $1,200.00 Soilbuild Business Space REIT 21-Aug-20 30000 $223.50 STI ETF 25-Aug-20 22500 $1,327.50 Ascendas India Trust - Units 26-Aug-20 29.95 $1.38 Wilmar International Limited 27-Aug-20 2000 $80.00 CDL Hospitality Trusts 27-Aug-20 1856.3 $28.02 Suntec Real Estate Investment Trust  27-Aug-20 5168.1 $79.22 Ascendas Real Estate Investment Trust 27-Aug-20 130.67 $9.49 Starhill Global Real Estate Investment Trust 28-Aug-20 15600 $109.20 Ascott Residence Trust  28-Aug-20 23048 $241.29 CapitaLand Commercial Trust 28-Aug-20 2205.4 $73.65 CapitaLand Mall Trust 28-Aug-20 9974.7 $210.46 Keppel REIT 28-Aug-20 94.48 $1.32

Total dividends collected for 2020: $14,147.37
Average dividends per month for 2020: $1,768.42

StashAway

KPO

CZM

Capital: $39,190‬.00
Current: $‭‭‭‭46,900.16

If you are interested in StashAway, do use our referral link. You get $10,000 free management fees for 6 months and we will get $16!

If you want to extract those transactions information from StashAway, do take a look at this article - StashAway Transactions Parser.

Endowus

Capital: $8,190.00
Current: $‭‭‭8,588.83

If you are interested in Endowus, do use our referral link for our readers! You will get S$10,000 managed free for 6 months ($20 equivalent) and we will get $20 too!

Syfe

Capital: $5,200.00
Current: $‭‭‭6,417.36

If you are interested in signing up, do use our referral code (KPOBONUS) for some cash incentive! Invests $500 and more and we will receive a $10 bonus each. Invests $10,000 and more and we will receive a $50 bonus each. Invests $20,000 and more, we will receive a $100 bonus each!

If you want to extract those transactions information from Syfe, do take a look at this article - Syfe Transactions Parser.

You might be interested in these blog posts too:
- Portfolio Performance in 2019
- 2019 Net Worth
- Portfolio - December 2019 - $463,297
- Portfolio - January 2020 - $455,071
- Portfolio - February 2020 - $442,216
- Portfolio - March 2020 - $415,071
- Portfolio - April 2020 - $459,037
- Portfolio - May 2020 - $470,665
- Portfolio - June 2020 - $502,313

- Portfolio - July 2020 - $487,135
- Portfolio - August 2020 - $525,857

Do like any of the following for the latest update/post!
1. FB Page - KPO and CZM
2. Twitter - KPO and CZM
3. Click here to subscribe using email :)
4. Instagram - KPO_and_CZM (Did you see those delicious food photos to the right --> Unfortunately, you can't see it on mobile.)

Combination of Ascott REIT and Ascendas Hospitality Trust

People are sort of expecting this to happen but this was simply too sudden! Given that the Ascendas-Singbridge acquisition just completed a few days ago?! Anyway, I am not sure why they are calling it a combination instead of a merger but I guess it is because they already owned it?

What is Happening?

Ascott REIT shareholders:
Nothing to get too excited about.

Ascendas Hospitality Trust shareholders:
Ascott REIT will be buying over your shares! This will comes in the form of $0.0543 cash/dividends + 0.7942 of new Ascott REIT-BT shares. Value unlocked? It really depends on how one looks at it.

Let's look back at one of our posts where I blogged about the open letter by Quarz Capital in our Portfolio - April 2019 and decided to buy more Ascott REIT.

As you can see, the offer is pretty similar to what Quarz Capital proposed - a mixture of cash (lesser) and Ascott REIT share (more) offer at a 5-10% premium to book value. In my opinion, the offer is quite fair and it does unlock the value for Ascendas Hospitality Trust. The next question will be is this better for Ascott REIT and/or Ascendas Hospitality Trust shareholder?

NAV and DPU

During such event (acquisition/merger), they will always market that it is good for the shareholders but it is not always the case e.g. Another Bad Deal - Merger of OUE Commercial REIT & OUE Hospitality Trust. One glance on the presentation slides or newspaper article will reveal that DPU will improve for both Ascott REIT and Ascendas Hospitality Trust shareholders.

Based on the closing price on 2nd July before the announcement

With more assets and "better" branding, it should be expected/normal for the new entity to trade at higher PB. Unfortunately, the dividend yield actually decreases for Ascendas Hospitality Trust shareholders. The dividend yield increases for Ascott REIT shareholders. On a side note, the pro forma NAV should have been $1.21, decrease by $0.01 including all the fees/costs but I found it amusing that they only stated that in the fine print and marketed it as DPU accretion, NAV neutral. lol.

Arbitrage Opportunity

Based on the latest closing price of both shares on 3rd July 2019, buying Ascendas Hospitality Trust still provides an estimated 2.96% return (before fees/commissions and higher return if annualized). Technically, both prices should be "supported" by this combination - Ascott REIT ~$1.30 and Ascendas Hospitality Trust ~$1.08. So whenever Ascott REIT price is > $1.30 or Ascendas Hospitality Trust price is < $1.08 are buying opportunities...

Having said that, nothing is stopping Trump from pulling any stunt that will lead to the whole market turning red again. In addition, with both stock prices at an all-time high, the chances of them falling is definitely much higher.

Indicative Timeline

Simply buying Ascendas Hospitality Trust when it is below $1.08. What's the risk? If you look at the indicative timeline, you will know that it is not happening immediately and has to be voted by the shareholders during the October 2019 EGM. There is a possibility of it not happening. Imagine market sentiment turns weak and Ascott REIT price falls to $1.10 (back in December 2018). The combination/merger will be an immediate loss for Ascendas Hospitality Trust shareholders!

Odd Lots

If you are wondering if there is any way NOT to end up with odd lots, the answer is going to disappoint you. You will almost definitely end up with odd lots but you can definitely try to end up with the least odd lots. A realistic example - if you have 3000 Ascendas Hospitality Trust shares now, you can buy 400 more shares so that you will be given 2700 Ascott REIT shares. This will only make sense if you have no minimum commission. Otherwise, you will be better off with odd lots.

I would have preferred more cash to be paid out vs getting new Ascott REIT shares at $1.30. Oh well, we are sitting on decent profits for both stocks so not going to complain further. So will you buy or bye?

You can find the spreadsheet here:
- Combination of Ascott REIT and Ascendas Hospitality Trust Calculator

You can refer to the official announcements here:
- Ascott REIT Announcements
- Presentation Slides

Do like any of the following for the latest update/post!
1. FB Page - KPO and CZM
2. Twitter - KPO and CZM
3. Click here to subscribe using email :)
4. Instagram - KPO_and_CZM (Did you see those delicious food photos to the right --> Unfortunately, you can't see it on mobile.)

Capitaland - An Undervalued Blue Chip?

Capitaland needs no introduction. It is currently the 2nd largest investment in our portfolio and we have recently bought more of it even after the cooling measure.

The green arrow indicates that the latest action within 14 days is an increase in position. To be exact, we bought 1,000 @ $3.13 on 6th August 2018. Besides busy preparing for our wedding, I have been spending some time working on a side project.

The idea is simple and is based on mean reversion which means that everything will return to their mean/average eventually. I first load a bunch of historical stock prices and pull out 3 different financial numbers (NAV, EPS and DPS) from past annual reports.

These numbers will allow me to compute the various financial ratios (PB, PE and Dividend Yield). If you have no idea what they meant or what I am talking about, do read up more first.

1. From 2002-01-02 to 2018-08-10 

That is more than 16 years of data! The annualized return excluding dividends is 3.37%. Unfortunately, the annualized return including dividends is still a work in progress. Note that the mean price is $3.39.

Stock price by itself is meaningless hence the need to use various financial ratios. Based on these data, the mean PB is 1.03, the mean PE is 13.44 and the mean dividend yield is 3.01%. This allows one to know if a stock is undervalued or overvalued simply by looking if the current financial ratios are above/below the mean. To take it further, I try to predict the target price/upside by using the average of both the mean and median.

Current Price (2018-08-10): $3.31 (below mean price)
Predicted Price based on PB: $4.15 (25%)
Predicted Price based on PE: $3.82 (15%)
Predicted Price based on Dividend Yield: $4.13 (25%)

2. From 2010-01-02 to 2018-08-10 

One of the issue/limitation is that the mean can be easily skewed. Before the financial crisis, Capitaland actually once traded at around > $8, PB > 2 and PE > 30! Looking at data after the financial crisis (2010) will remove those ridiculous numbers. Notice how after investing for 8 years, one can actually be sitting at a paper loss (-2.70%) excluding the dividends? The mean price is $3.30 (lower as compared to the above).

The mean PB is 0.881, the mean PE is 12.45 and the mean dividend yield is 2.73%. You can see that the numbers are lower, hence more conservative.

Current Price (2018-08-10): $3.31 (above mean price)
Predicted Price based on PB: $3.79 (15%)
Predicted Price based on PE: $3.64 (10%)
Predicted Price based on Dividend Yield: $4.37 (27%)

3. From 2014-01-02 to 2018-08-10 

After all, 8 years is a long time. The policies/cooling measures then would have been very different from what we have now. If I were to use more recent data (within the last 5 years) to account for the more recent changes, interestingly the mean price remains at around $3.30. We are back to a positive annualized return of 2.01% excluding dividends.

The mean PB is 0.817, the mean PE is 11.41 and the mean dividend yield is 3.11%.

Current Price (2018-08-10): $3.31 (above mean price)
Predicted Price based on PB: $3.56 (7%)
Predicted Price based on PE: $3.39 (2%)
Predicted Price based on Dividend Yield: $3.80 (15%)

Investing is not as simple as just looking at these few numbers. Otherwise, all the mathematician will be millionaires. Hahaha. Notice how by changing the period/historical data, a different picture will be painted? The same stock/investment can be giving one investor positive paper gain over the years and negative paper loss to someone else. Hence, the entry price is pretty important. Having said that, I have yet to include dividends and I do believe the return should all be positive after that.

Is Capitaland an undervalued blue chip? I will leave it to you to decide :)

Do like any of the following for the latest update/post!
1. FB Page - KPO and CZM
2. Twitter - KPO and CZM
3. Click here to subscribe using email :)
4. Instagram - KPO_and_CZM (Did you see those delicious food photos to the right --> Unfortunately, you can't see it on mobile.)

Portfolio - June 2018

It has been a while since I blogged. My time has been taken up by wedding preparation + mostly the World Cup (I have been watching almost every 8/10pm matches). Nope, I did not bet on any of the matches, just enjoying the game and drama every 4 years. Hahahaha. On a side note, it will be < 100 days to our wedding! Like those days when the students would countdown to PSLE/O-level.

Our portfolio decrease by -0.19% to $333,410 - $11,544.89 of capital injection and $12,190.54 of capital loss.

SOLD
- None

BOUGHT
- Frasers L&I Trust (2,200 units) @ $0.967
- Capitaland (1,000 units) @ $3.480
- Capitaland (1,000 units) @ $3.330

- STI ETF (1,000 units) @ $3.380

- Lion-Philip S-REIT ETF (1,000 units) @ $0.975

We bought 1,000 units of STI ETF when the market was down and bought 1,000 units of Lion-Philip S-REIT ETF as part of our new strategy - New Singapore Budget, New REIT Strategy!

I blogged about Frasers Logistics & Industrial Trust Preferential Offering previously. I had 800 rights, oversubscribed for it and was given 1,400 more.

Capitaland was doing share buy-back since 4 June at $3.5X and we thought we managed to undercut them at $3.33 until we got undercut by the market. lol. Technically, the fundamentals are still the same and only the market price has changed/declined.

On a side note, the STI has fallen more than 10% since the high of 3,600+ on 2nd May 2018 for whatever reasons - Trump's tweet, trade war, flattening yield curve, etc. No idea what is going to happen in the near-term but there will always be opportunities if you dare. Hahahaha.

Dividends
The total dividends collected this month is $220. The breakdown is as follows:

Company	Symbol	ExDate	Shares	Total
Accordia Golf Trust	ADQU	08-Jun-18	10,000	$220.00

Total dividends collected for 2018: $6,985.11
Average dividends per month for 2018: $1,164.18

StashAway

Capital: $9,000.00
Current: $9,203.59 (IRR: 5.3%)

Health - KPO Needs to Lose Weight
I will not be updating this going forward as I have achieved my goal!

I have lost > 15kg in ~9 months and am now in the healthy BMI range :)

Do like any of the following for the latest update/post!
1. FB Page - KPO and CZM
2. Twitter - KPO and CZM
3. Click here to subscribe using email :)
4. Instagram - KPO_and_CZM (Did you see those delicious food photos to the right -->)

Portfolio - May 2018

It was another roller coaster month but life goes on! CZM and I are preparing our wedding invitation cards, about 4 more months to our big day! Our portfolio decrease by -0.59% to $334,055 - $9,252.77 of capital injection and $11,218.72 of capital loss.

SOLD
- None

BOUGHT
- Keppel DC REIT (3,000 units) @ $1.353
- Lion-Philip S-REIT ETF (1,000 units) @ $0.997
- Capitaland (1,000 units) @ $3.54
- Singtel (1,000 units) @ $3.30

It seems like we lost and bought a lot this month. A total dividend of $2,683.38 was paid in May and we merely reinvested/redeployed the dividends into the market. In fact, apart from Lion-Philip S-REIT ETF which was a planned purchase as part of our new strategy - New Singapore Budget, New REIT Strategy!, the other purchases were either a surprise or an opportunity in our opinion.

I blogged about the Keppel DC REIT Private Placement and we were allocated 3,000 units (out of 8,000 units) from the placement. We bought more of Capitaland and Singtel when the market went down. It is interesting to note that both companies have been/are performing share buyback recently. You can refer to this - Why Would A Company Buyback Its Own Shares? by Investopedia to understand the significance of share buyback.

Singtel is pretty interesting and I am writing a separate article for it. If you read the news or the financial statement, at one glance, you will see that FY 2018 was a record year in terms of net profit and earnings and you are wondering why the price is dropping lower and lower. However, if you were to remove the divestment gain from Netlink Trust, one will see that hidden beneath those record net profit/earnings is actually a declining business/revenue. Why did we still buy the share then? Keep a lookout for the next post :)

Dividends
The total dividends collected this month is $4,067.59. The breakdown is as follows:

Company	Symbol	ExDate	Shares	Total
Thai Beverage Public Co Ltd	Y92	25-May-18	10,000	$62.67
CapitaLand Commercial Trust	C61U	23-May-18	2,000	$69.80
NetLink NBN Trust	CJLU	21-May-18	3,000	$194.40
Frasers Logistics & Industrial Trust	BUOU	16-May-18	8,000	$344.00
Ascendas Hospitality Trust	Q1P	16-May-18	15,000	$469.50
OUE Ltd	LJ3	15-May-18	10,000	$200.00
Raffles Medical Group Ltd	BSL	14-May-18	14,000	$245.00
Hong Fok Corporation Ltd	H30	8-May-18	16,500	$165.00
CapitaLand Ltd	C31	8-May-18	5,000	$600.00
Parkway Life Real Estate Investment Trust	C2PU	7-May-18	2,000	$63.40
Chip Eng Seng Corporation Ltd	C29	4-May-18	8,000	$320.00
QAF Ltd	Q01	3-May-18	3,000	$120.00
Far East Hospitality Trust	Q5T	3-May-18	10,156	$95.47
Starhill Global Real Estate Investment Trust	P40U	3-May-18	12,000	$130.80
Mapletree North Asia Commercial Trust	RW0U	3-May-18	5,000	$226.55
Sheng Siong Group Ltd	OV8	3-May-18	18,000	$315.00
Wilmar International Ltd	F34	3-May-18	2,000	$140.00
Tuan Sing Holdings Ltd	T24	2-May-18	11,000	$66.00
APAC Realty Limited	CLN	2-May-18	12,000	$240.00

Total dividends collected for 2018: $6,765.11
Average dividends per month for 2018: $1,353.02

StashAway

Capital: $8,000.00
Current: $8,095.42 (IRR: 2.8%)

Health - KPO Needs to Lose Weight
Date: 2018-06-01
Weight: 69.2 kg (Yay! 3 more weeks to our prewedding photoshoot!)

BMI: 23.1

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